Thursday, September 29, 2005
Research In Motion Ltd. reported a 57 percent jump in its second-quarter profit as surging demand for its popular BlackBerry wireless e-mail device drove sales higher.
RIM reported net income rose to $111.1 million, or 56 cents a share, in the quarter ended Aug. 27, from $70.6 million, or 36 cents per share, a year earlier.
BlackBerry subscribers increased by 620,000 from the first quarter to reach about 3.65 million, more than double the 1.657 million subscribers RIM had a year earlier.
Adjusted to exclude an inventory writedown and other items, RIM said its net income was $120.2 million, or 61 cents a share. Revenue rose 58 percent to $490.1 million.
But RIM stock fell nearly 4 percent in after-hours trading despite an improved third-quarter sales outlook and revenue and profit forecasts that were in line with analyst expectations.
One analyst said there may have been some disappointment with forecasts for subscriber additions. RIM said it expects to add 680,000 to 710,000 subscribers in the third quarter, and between 775,000 and 825,000 in the fourth.
By: DocMemory
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